A critical component of your business plan is a strategy for managing your company’s operations. A comprehensive operations plan needs to answer the following questions: Operations strategy How will operations add value? What will you emphasize – cost, quality, timeliness, flexibility? Does your process give you a competitive advantage? Scope of Operations In-house or outsource? Product and process design? Order fulfillment? Customer service/technology support? Installation? Describe how you will get off the ground running as a business Product/process development Intellectual property Rollout strategies – regions, products, channels Marketing strategy – advertising launch, activations, online Agreements with key customers/partners Strategic alliances Facilities and equipment installations Market tests or beta tests Key hires Describe the initial management team for the business Background and experience for each management team – a strong start off management is vital for investors Any holes in the management team? If so how do you plan to address it? Board of Directors or Advisory Board? Organizational chart Ownership structure Corporate Social Responsibility/Impact Investing In summary, an operations plan should describe the process for producing and delivering your product/service and is a critical element of your business planning exercise. Read Also: Key Components of a Business Plan I